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Derivatives (Tables)

12 Months Ended

Dec. 31, 2014

Derivatives

Schedule of fair value positions of derivative instruments

														Weighted
											Weighted			Average
											Average			Mark-to-			Fair
		Settlement									Fixed			Market			Value
Hedge Strategy		Period		Derivative Instrument		Notional		Unit			Price			Amount			Amount
Fair Value Hedge		2015		Commodity contracts for inventory hedging (long)		305		BBL		$	74.110		$	(3.203)		$	(977)
		2015		Commodity contracts for inventory hedging (short)		4,977		BBL			77.510			4.599			22,889
																$	21,912
Non-Designated		2015		Commodity contracts (long)		34,192		BBL		$	62.693		$	(15.594)		$	(533,192)
		2015		Commodity contracts (short)		27,013		BBL			83.370			20.735			560,114
		2016		Commodity contracts (long)		1,131		BBL			89.989			(23.195)			(26,234)
		2016		Commodity contracts (short)		722		BBL			85.497			17.734			12,804
		2017		Commodity contracts (long)		92		BBL			46.463			(6.696)			(616)
		2017		Commodity contracts (short)		109		BBL			54.430			7.743			844
		2018		Commodity contracts (long)		1		BBL			25.922			(4.000)			(4)
		2018		Commodity contracts (short)		11		BBL			83.997			21.636			238
		2015		Foreign currency contracts		28,783		AUD			0.850			0.005			158
		2015		Foreign currency contracts		471		BRL			2.580			(0.013)			(6)
		2015		Foreign currency contracts		61,577		CAD			1.140			0.020			1,215
		2015		Foreign currency contracts		112		CHF			0.960			0.036			4
		2015		Foreign currency contracts		4,764,256		CLP			602.490			0.000			27
		2015		Foreign currency contracts		31,884,747		COP			2,174.000			0.000			408
		2015		Foreign currency contracts		126,778		DKK			5.950			0.001			64
		2015		Foreign currency contracts		77,278		EUR			1.250			0.019			1,464
		2015		Foreign currency contracts		208,786		GBP			1.610			0.023			4,903
		2015		Foreign currency contracts		135,879		INR			63.040			0.000			24
		2015		Foreign currency contracts		1,390,740		JPY			113.080			0.000			295
		2015		Foreign currency contracts		2,382,533		MXN			13.920			(0.000)			(321)
		2015		Foreign currency contracts		214,957		NOK			6.720			0.001			253
		2015		Foreign currency contracts		7,912		PLN			3.400			0.016			125
		2015		Foreign currency contracts		32,891		RON			3.570			0.014			452
		2015		Foreign currency contracts		46,921		SGD			1.300			0.004			176
		2015		Foreign currency contracts		78,298		ZAR			11.310			0.001			41
		2016		Foreign currency contracts		8,325		GBP			1.620			0.055			459
		2017		Foreign currency contracts		1,400		GBP			1.610			0.033			46
																$	23,741

Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets

				As of December 31,
		Balance Sheet Location		2014			2013
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts		Short-term derivative assets, net		$	18,844		$	735
Commodity contracts		Accrued expenses and other current liabilities			4,709			—
					23,553			735
Derivatives not designated as hedging instruments
Commodity contracts		Short-term derivative assets, net			398,924			47,062
Commodity contracts		Identifiable intangible and other non-current assets			12,063			1,642
Commodity contracts		Accrued expenses and other current liabilities			234,077			1,141
Commodity contracts		Other long-term liabilities			4,849			874
Foreign currency contracts		Short-term derivative assets, net			21,244			5,003
Foreign currency contracts		Identifiable intangible and other non-current assets			513			—
Foreign currency contracts		Accrued expenses and other current liabilities			—			3,483
					671,670			59,205
				$	695,223		$	59,940
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts		Short-term derivative assets, net		$	978		$	1,544
Commodity contracts		Accrued expenses and other current liabilities			663			—
					1,641			1,544
Derivatives not designated as hedging instruments
Commodity contracts		Short-term derivative assets, net			76,103			26,876
Commodity contracts		Identifiable intangible and other non-current assets			594			894
Commodity contracts		Accrued expenses and other current liabilities			529,976			15,473
Commodity contracts		Other long-term liabilities			29,286			1,228
Foreign currency contracts		Short-term derivative assets, net			11,961			2,867
Foreign currency contracts		Identifiable intangible and other non-current assets			9			—
Foreign currency contracts		Accrued expenses and other current liabilities			—			8,789
Foreign currency contracts		Other long-term liabilities			—			147
					647,929			56,274
				$	649,570		$	57,818

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income

Derivative				Realized and Unrealized													Realized and Unrealized
Instruments		Location		Gain (Loss)									Hedged Items		Location		Gain (Loss)
				For the year ended December 31,											For the year ended December 31,
				2014			2013			2012							2014			2013			2012
Commodity contracts		Revenue		$	—		$	—		$	265		Firm commitments		Revenue		$	—		$	—		$	(201)
Commodity contracts		Cost of revenue			—			—			(1,417)		Firm commitments		Cost of revenue			—			—			739
Commodity contracts		Cost of revenue			132,199			2,685			(19,717)		Inventories		Cost of revenue			(150,943)			3,059			23,972
				$	132,199		$	2,685		$	(20,869)						$	(150,943)		$	3,059		$	24,510

Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income

Derivatives		Location		Realized and Unrealized Gain (Loss)
				For the Year ended December 31,
				2014			2013			2012
Commodity contracts		Revenue		$	64,485		$	25,420		$	14,967
Commodity contracts		Cost of revenue			2,239			(5,391)			3,333
Foreign currency contracts		Revenue			4,286			(55)			(2,384)
Foreign currency contracts		Other income (expense), net			12,631			(3,998)			(2,271)
				$	83,641		$	15,976		$	13,645

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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